United Kingdom Gambling Commission Makes Amedments

The United Kingdom Gambling Commission will be making amendments to licensing conditions

All current license holders and any companies that seek out a license through the United Kingdom Gambling Commission will have new conditions and policies they will need to follow once new amendments come into play. These amendments are going to be aimed at preventing criminal activity surrounding gambling, which it is no secret that there are still a lot of problems in the market surrounding fraud. These changes will go into effect starting on October 31st.

One of the biggest amendments will be that all operators are going to be required to report any criminal investigations that they are involved in to the United Kingdom Gambling Commission. This is going to be a huge change that is going to add a lot of transparency to the industry. Now, the UKGC will be able to determine whether or not operators are using proper procedures when conducting these investigations that will ensure that there isn't a dispute later, or questions regarding the strength of these investigations.

Improper procedure has been a major issue and one that is difficult to resolve. If the UKGC doesn't feel as if a company has investigated enough, it then costs resources and time to delve into the issues themselves. That's only if the UKGC finds out about any funny business that may have gone on, it's believed that a majority of the fraud that goes on is never found out by the commission. By forcing companies to become more transparent and report any investigations, it allows for the commission to regulate the investigation as it is happening instead of being forced to fine operators after the fact. It also ensures that all potential fraud uncovered by operators is reported.

Another major change will include measures to prevent money laundering. Gambling platforms are the most common method of hiding money, and so these new amendments are going to address those issues. They will be in par with the Money Laundering and Terrorist Financing Code of 2013. Operators will need to assess the level of risk that is involved with their own platform in regards to laundering and terrorism, which is going to force companies to identify their own weaknesses and make honest efforts to resolve them. This change is going to apply to both local and oversea operators that have platforms in the United Kingdom.

This is a good time for the commission to focus on money laundering following the recent addition of virtual currencies such as Bitcoin. Bitcoin is notorious for being used in money laundering schemes since it's impossible to identify the exact owner of the currency.

The best approach to these issues is to put the responsibility on the operators themselves. Companies are expected to use honest practices and make reasonable efforts to prevent fraud and money laundering, and should be held accountable if they fail to do so. These changes are going to put operators at a heightened level of transparency and accountability.